LightPath Technologies Inc. (NASDAQ:LPTH), a manufacturer in the semiconductor and related devices sector, has reported a change in its certifying accountant.
The company's previous independent registered public accounting firm, MSL, P.A., has resigned following a transaction with Forvis Mazars, LLP, which resulted in MSL's shareholders and employees becoming part of Forvis Mazars.
The resignation of MSL is effective from November 21, 2024, as disclosed in a recent Form 8-K filing with the Securities and Exchange Commission. MSL's audit reports for the fiscal years ending June 30, 2024, and 2023, did not contain any adverse opinion, disclaimer of opinion, or any qualification regarding audit scope or accounting principles.
Throughout the fiscal years mentioned and up until the resignation date, there were no disagreements between LightPath Technologies and MSL on accounting principles, financial statement disclosure, or auditing procedures that would have required mention in the audit reports. Additionally, there were no reportable events as defined by SEC regulations.
In response to the 8-K filing, MSL has provided a letter to the SEC, dated Friday, confirming their agreement with the disclosures made by LightPath Technologies. The company's Audit Committee has initiated the process to select a new independent registered public accounting firm for the fiscal year ending June 30, 2025.
The transition of the accounting firm comes as part of normal business operations and does not reflect any underlying issues with LightPath Technologies' financial statements. The company has ensured that all necessary disclosures have been made in accordance with SEC regulations.
This change is a standard procedure and the search for a successor firm is already underway. The information is based on the company's recent SEC filing.
In other recent news, LightPath Technologies has reported a 4% revenue increase to $8.4 million in its Q1 fiscal 2025, despite a net loss of $1.6 million due to increased operating expenses. This growth has been driven by the company's strategic shift towards system-level solutions and a focus on the defense sector, which now accounts for over 30% of sales. Notably, LightPath has launched the MANTIS thermal camera and a new Optical Gas Imaging Camera for the oil and gas industry.
A significant milestone has been reached with Lockheed Martin (NYSE:LMT), presenting a revenue opportunity between $50 million to $100 million. The company's cash and equivalents stood at $4.3 million, with total debt at $3.9 million, and a backlog of $21 million.
LightPath is anticipating growth in the European market and faster revenue realization from new camera products, with potential revenue growth from budget cycles and defense initiatives, including proprietary BlackDiamond Optics. These are among the recent developments in the company.
InvestingPro Insights
LightPath Technologies Inc. (NASDAQ:LPTH) is currently navigating financial challenges, as reflected in recent InvestingPro data. The company's market capitalization stands at $57.44 million, with a negative P/E ratio of -6.51, indicating current unprofitability. This aligns with an InvestingPro Tip suggesting that analysts do not anticipate the company will be profitable this year.
Despite these challenges, LPTH has shown resilience in its stock performance. InvestingPro data reveals a strong 19.08% return over the last three months and a 19.08% return over the past year. This positive momentum is further supported by an InvestingPro Tip highlighting the company's strong return over the last three months.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights with 6 more tips available for LightPath Technologies. These tips could provide valuable context for understanding the company's financial position and future prospects as it transitions to a new accounting firm.
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